Investors swoop on British build-to-rent sector
PROPERTY firms are turning to Britain’s budding build-to-rent sector, which caters to students and city dwellers seeking affordable accommodation, as traditional home building and selling falters on weak consumer confidence.
US real estate firm CBRE Group Inc said it had agreed to buy British property developer Telford Homes for about £267 million (S$455 million), in a deal representing a premium of about 11 per cent to Telford’s closing price.
In a separate deal announced on Wednesday, student housing provider Unite said it would buy rival Liberty Living Group for £1.4 billion.
Established in 2000, Telford has focused on London, building housing blocks in up-and-coming outer areas of the capital such as Stratford, Bow or Finsbury Park.